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Last year of Shmita was 2007. Next year of Shmita begins in Sept. 2014. Fact two: Year of Jubilee happens in 50 year cycles, following the 7th year of Shmita. In Jubilee, all debts are supposed to be cancelled, all land is supposed to be returned to its original owner. Liberty is proclaimed throughout the land.
However, there is also an opinion in the Talmud that the Jubilee is not an âin-between-cycles year,â but rather that it is the first of the next 49-year cycle, and thus not designating it would not impact the calculation of the Sabbatical cycles.